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Question

Find the sum of money that amounts to Rs 11200 in 3 years at the interest rate 4% per annum.

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Solution

We know,
A=PTR100
Where:
A= the future value of the investment/loan, including interest
P= the principal investment amount (the initial deposit or loan amount)
r= the annual interest rate
t= the time the money is invested or borrowed

11200=P×3×4100

P=11200×1003×4=93,333.3

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